Bison is practically my only red meat, and I get it from friends who raise it. As everyone has pointed out, bison is extremely lean. It lays down fat outside the muscle, and not much is incorporated into ground meat. If prepared gently, it is fantastic. When grilling burgers or steaks, light or set a lower fire than you would for beef, and basically use the fire to lightly sear the outside. Let them finish in a 250 degree oven for as long as it takes to reach the doneness you like. Steaks and burgers should never be cooked beyond medium. Roasts do wonderfully as low, slow braises. Mainly, have fun exploring your amazing gift!
Bison is very lean as HalfPint said, I have found that when doing bison burgers on the grill they can be done in 1/3 the time that a beef burger of the same size is done. Bison is very easy to over cook. I usually take the time I would cook beef using a given method and reduce the time by two thirds. I start checking just before that time.
We got a bison gift basket for Xmas and the box came with instructions to cook it low and slow. Since bison is very lean, be dry and tough if you cook it well done.
Here are the guidelines from the Oklahoma Bison Assoc: http://www.okbison.com/cook_bison.htm
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Here are the guidelines from the Oklahoma Bison Assoc: http://www.okbison.com/cook_bison.htm